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Lender sues competitor for $20M over stolen talent, ‘trade secrets’
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Wednesday, August 20, 2014
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Affiliated Mortgage Company, a wholly owned subsidiary of Benchmark Bank of Plano, Texas, has sued its competitor, Envoy Mortgage, for $20 million over allegations that former Affiliated executives stole “trade secrets” and siphoned talent when they left Affiliated to take jobs leading Envoy’s correspondent lending division, The News Star reported.
The civil lawsuit was filed in the 4th Judicial District Court in Louisiana more than a year ago, but the claims have taken on new importance after Affiliated announced Aug. 15 that it would be exiting the correspondent lending business, as reported by HousingWire.
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